ACADIA Pharmaceuticals (NASDAQ:ACAD) Stock Jumps 5.4% - Here's Why

Key Points

• ACADIA shares rose 5.4% in mid-day trading, reaching $17.72, with trading volume slightly below its average.
• The company reported quarterly EPS of $0.31, beating the $0.20 consensus estimate, and revenue of $342.3 million, up 22.8% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $31.55; recent target changes were mixed.

Shares of ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD - Get Free Report) were up 5.4% during mid-day trading on Tuesday. The stock traded as high as $17.72 and last traded at $17.3980. Approximately 1,701,954 shares traded hands during trading, a decline of 5% from the average session volume of 1,799,080 shares. The stock had previously closed at $16.50.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ACAD. Citigroup reiterated a "buy" rating and set a $33.00 price target (down from $40.00) on shares of ACADIA Pharmaceuticals in a report on Friday, September 25th. Bank of America restated a "buy" rating and issued a $14.50 price objective on shares of ACADIA Pharmaceuticals in a report on Wednesday, July 29th. Stifel Nicolaus upped their target price on shares of ACADIA Pharmaceuticals from $24.00 to $25.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Citizens Jmp lowered their target price on shares of ACADIA Pharmaceuticals from $36.00 to $33.00 and set a "market outperform" rating for the company in a research note on Friday, September 25th. Finally, TD Cowen reiterated a "buy" rating on shares of ACADIA Pharmaceuticals in a research report on Thursday, September 24th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, ACADIA Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $31.55.

ACADIA Pharmaceuticals Stock Up 8.7%

The firm has a 50-day moving average price of $22.61 and a 200 day moving average price of $23.54. The firm has a market capitalization of $3.09 billion, a PE ratio of 8.51 and a beta of 0.87.

ACADIA Pharmaceuticals (NASDAQ:ACAD - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The biopharmaceutical company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.11. ACADIA Pharmaceuticals had a return on equity of 9.12% and a net margin of 30.13%. The business had revenue of $342.30 million during the quarter, compared to analysts' expectations of $332.58 million. During the same period in the previous year, the firm posted $0.42 earnings per share. The company's revenue was up 22.8% on a year-over-year basis. Equities research analysts expect that ACADIA Pharmaceuticals Inc. will post 0.74 earnings per share for the current year.

Insider Activity

In other news, EVP Mark Schneyer sold 3,321 shares of the firm's stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $20.88, for a total value of $69,342.48. Following the completion of the transaction, the executive vice president owned 71,322 shares of the company's stock, valued at approximately $1,489,203.36. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 26.20% of the company's stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in ACADIA Pharmaceuticals in the 2nd quarter valued at about $569,634,000. Palo Alto Investors LP acquired a new position in shares of ACADIA Pharmaceuticals during the second quarter worth about $72,461,629. Bank of America Corp DE acquired a new position in shares of ACADIA Pharmaceuticals during the second quarter worth about $32,900,000. First Trust Advisors LP grew its position in shares of ACADIA Pharmaceuticals by 47.3% during the first quarter. First Trust Advisors LP now owns 3,343,868 shares of the biopharmaceutical company's stock worth $74,435,000 after buying an additional 1,073,834 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of ACADIA Pharmaceuticals during the second quarter worth approximately $19,244,000. Hedge funds and other institutional investors own 96.71% of the company's stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing medicines for neurological and rare diseases. Founded in 1993 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations. Its marketed products include NUPLAZID (pimavanserin), approved in the United States to treat hallucinations and delusions associated with Parkinson's disease psychosis, and DAYBUE (trofinetide), a treatment for Rett syndrome.

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